HUNTINGTON BEACH, CA—Institutional-fund manager Interstate Equities Corp. has acquired Surf at 39, a 400-unit, coastal-infill multifamily asset here, for $134 million from an unnamed seller. IEC intends to upgrade units to meet tenant needs but keep the complex as a workforce-housing community.
Surf at 39 is located at 16761 Viewpoint Lane, 1.2 miles from the 405 Freeway and 10 miles from John Wayne Airport. The asset consists of two- and three-bedroom apartments and townhomes.
Representatives of IEC declined GlobeSt.com's request to name the seller, but Real Capital Analytics reports that the seller was Lone Star Funds, that the property was previously named Huntington Villas, that MetLife provided approximately $95.9 million in financing for the transaction and that the seller had previously purchased the garden-style property in December 2015 for $115.5 million.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
